Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 6.4% – Should You Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price traded down 6.4% during trading on Wednesday . The stock traded as low as $3.34 and last traded at $3.3150. Approximately 5,450,464 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 25,513,244 shares. The stock had previously closed at $3.54.

Analysts Set New Price Targets

Several equities analysts have weighed in on EOSE shares. Truist Financial initiated coverage on Eos Energy Enterprises in a report on Monday, July 13th. They set a “buy” rating and a $7.00 price objective for the company. Needham & Company LLC assumed coverage on Eos Energy Enterprises in a research note on Friday, May 22nd. They issued a “buy” rating and a $11.00 target price on the stock. TD Cowen dropped their price target on Eos Energy Enterprises from $8.00 to $4.00 and set a “hold” rating on the stock in a research report on Thursday, August 6th. Wall Street Zen downgraded Eos Energy Enterprises from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, Stifel Nicolaus decreased their price objective on Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating for the company in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $8.06.

Eos Energy Enterprises Stock Performance

The firm has a market capitalization of $1.25 billion, a PE ratio of -0.50 and a beta of 2.75. The business’s 50 day moving average is $4.43 and its two-hundred day moving average is $6.29.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The business had revenue of $68.78 million for the quarter, compared to analyst estimates of $68.32 million. During the same quarter last year, the firm earned ($1.05) earnings per share. As a group, equities research analysts predict that Eos Energy Enterprises, Inc. will post -0.91 EPS for the current year.

Insiders Place Their Bets

In other Eos Energy Enterprises news, insider Michael W. Silberman sold 14,998 shares of Eos Energy Enterprises stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $5.87, for a total transaction of $88,038.26. Following the completion of the transaction, the insider owned 298,277 shares of the company’s stock, valued at $1,750,885.99. The trade was a 4.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joe Mastrangelo sold 159,154 shares of Eos Energy Enterprises stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $3.61, for a total value of $574,545.94. Following the transaction, the chief executive officer directly owned 1,947,586 shares of the company’s stock, valued at $7,030,785.46. The trade was a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 448,626 shares of company stock worth $1,828,572 over the last quarter. Insiders own 1.73% of the company’s stock.

Hedge Funds Weigh In On Eos Energy Enterprises

Several hedge funds have recently bought and sold shares of EOSE. Rubric Capital Management LP bought a new stake in Eos Energy Enterprises during the 3rd quarter worth approximately $117,317,000. Vanguard Group Inc. boosted its holdings in Eos Energy Enterprises by 19.8% in the 4th quarter. Vanguard Group Inc. now owns 18,616,874 shares of the company’s stock valued at $213,349,000 after purchasing an additional 3,080,012 shares during the period. Engineers Gate Manager LP bought a new position in Eos Energy Enterprises in the 2nd quarter valued at $11,840,000. California State Teachers Retirement System grew its position in shares of Eos Energy Enterprises by 512.9% during the 2nd quarter. California State Teachers Retirement System now owns 2,305,278 shares of the company’s stock valued at $13,555,000 after purchasing an additional 1,929,177 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Eos Energy Enterprises in the first quarter worth $9,152,000. Hedge funds and other institutional investors own 54.87% of the company’s stock.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises specializes in the development and deployment of scalable, long-duration energy storage systems designed to support the integration of renewable power and enhance grid reliability. The company’s core technology centers on its proprietary zinc hybrid cathode (Znyth™) battery platform, which aims to deliver safe, low-cost, and durable performance for utility, commercial and industrial, and microgrid applications.

The company’s flagship product, the Aurora™ energy storage system, combines its Znyth™ cells with modular power conversion and controls to offer flexible capacity ranging from one to three hours of discharge duration.